Regulating services in poverty-ecosystems dynamics： evidences from South Asia

Valuation of ecosystem services has been sought as effective tools that enable the decision makers in designing the cost effective response policies for management of ecosystems towards alleviating the poverty especially in economically poor regions like South Asia. Various directions and linkages between poverty and degradation of ecosystem and reduced flow of ecosystem services can better be understood if the regulating services like hydrological flow and carbon sequestration by forest, and nutrient cycling and bioremediation： by wetlandv can be captured in monetary unit. South Asian Countries including India. Nepal, Pakistan and Bangladesh are the hotspots of poverty where poor depend upon various ecosystem services for their livelihoods and allocation of resource for conservation of ecosystems would have additional merit if regulating services are captured and internalized into the pubtic policy.The paperfirst raises problematic issues in valuation of regulatig ecosystem services, and attempts to link it withthe dependence of poor. Second, complexities of poverty-ecosystem dynamics are discussed. Thirdly, the possible in-tervention to achieve poverty alleviation goal is analyzed with the help of some examples from accounting and valua-tion of regulating services of lndian forest. Finally, the paper suggests that greater attention is needed to do credibleand better valuation of regulating Services so that insight from these ean be used in understanding the impact of degradation of ecosysterns On poor people.     

An asset-pricing view of external adjustment

Recent literature has argued that conventional measures of external sustainability - the trade balance and current account - are misleading because they omit capital gains on net foreign asset positions. We adjust the definition of the current account to include the capital gains and discuss how this may affect our thinking about external adjustment and sustainability. We do so in the context of a two-country macro-finance model of Pavlova and Rigobon (2008a) that allows exploration of the interconnections between equilibrium portfolios and external accounts' dynamics. We calibrate the model and find that it generates several testable implications, some of which have already been validated empirically. First, we establish dynamic properties of the capital-gains adjusted current account and show that they are fundamentally different from those of the conventional current account. Second, we find that capital gains have a stabilizing effect on the trade balance and the current account. Finally, we demonstrate that in response to a shock, the conventional and the capital-gains adjusted current accounts may move in opposite directions.     

The dynamic impact of innovative capability and inter-firm network on firm valuation: A longitudinal study of biotechnology start-ups

Prior research suggests that a high technology start-up's innovative capability and inter-firm network influence its performance and consequently, firm valuation. Few studies consider their joint influence and even fewer consider the temporal change of those effects on firm valuation. In this study, we propose that firm age, a key organizational variable, represents both the development of organizational routines from a start-up's perspective and the accumulation of accessible information from an investor's viewpoint. As such, an investor's evaluation of a high technology start-up's innovative capability and inter-firm network evolves with firm age. Using panel data of 170 biotechnology start-ups, our results suggest that the relative value of network status declines while the impact of innovative capability increases with firm age. Interestingly, there is a growing complementary effect of innovative capability and network heterogeneity on firm valuation. The implications of these findings for entrepreneurial practice and theories of firm capabilities and inter-firm network are discussed.     

Assessing information provision and respondent involvement effects on preferences

We develop a test of the effect of information and respondent involvement on preferences for passive-use values using three treatments. Individuals from a rural community participated in one of three groups, each with a different level of involvement in the valuation assessment. The first group was highly involved, attending three meetings which allowed for information acquisition and preference construction. The second group was involved in a single meeting, and the third group was minimally involved through telephone contact and the completion of a mail administered survey. The hypothesis examined was that the degree of involvement in the exercise would affect the magnitude and consistency of preferences across the groups. The hypothesis that the preferences differ was not accepted. Furthermore, the hypothesis that variances in preferences would be higher in less involved groups was also rejected. While the analysis is based on relatively small samples the findings suggest caution in claiming that increasing degrees of respondent involvement improve economic measures of trade-offs.     

国企改制对中国产权市场的影响

本文从国有企业改制的角度出发,联系我国国企改制和国际公有产权私有化的具体情况,对国有企业产权转让的特殊性进行分析,论述了国企改制对我国产权市场的影响,并提出了改善的对策和建议。     

对赌协议、利益不一致与企业创新投入

应用跳跃变化下的几何布朗运动模型，从VC投资者与企业家间利益差异角度探讨企业签订对赌协议对创新支出影响的作用机制。结合新三板创新型公司数据，手动搜集2010-2018年VC参与的新三板公司融资事件，运用PSM匹配方法进行实证检验。结果表明，签订对赌协议抑制企业创新支出，且对赌期间业绩目标更高、VC占股较高时对创新投入的负向影响更明显。企业在对赌期间面临着巨大的业绩压力，签订对赌协议加大了VC与投资者间利益不一致，减少创新支出能够缩小二者间不一致区间。断资比例低对于对赌抑制创新起到缓解作用，即断资点越低，对赌抑制创新的作用越弱。     

“Bring the numbers and stories together”: Valuing events

This article introduces a Valuation Studies approach, in which valuation is seen as a social practice, to studying the outcomes of events. Drawing on material gathered around the Arctic Winter Games organized in Nuuk, Greenland in 2016, we exemplify how researchers working together across disciplinary and methodological boundaries can engage together with events stakeholders in making event values knowable beyond the confines of traditional evaluation. Analytically, we use Callons’ concepts on framing and overflows to exemplify alternative outcomes of events. We argue that a valuation approach offers an iterative understanding of event outcomes which encourages economics and constructivist research to collaborate on exploring event worth and making event overflows knowable and valuable.     

An exploration of actor-network theory and social affordance for the development of a tourist attraction: A case study of a Jimmy-related theme park,Taiwan

Differing from traditional approaches to exploring issues of tourist attractions, this article uses insights from actor-network theory (ANT) and social affordance to conceptually examine how a postmodern tourist attraction, a Jimmy-themed tourist attraction, has been enacted into a relational network composed of multiple and heterogeneous actors/actants. The paper scrutinizes the transformation of figures from Jimmy-related picture books into the social affordances of a postmodern tourist attraction via evolving mechanisms of ordering and valuating attractiveness to connect human and nonhuman actors into a relational web. It is argued that the conceptual application of ANT and social affordance may help provide an alternative approach to the study of tourist attractions.     

Creating financial value for tropical forests by disentangling people from nature

Efforts to address environmental problems have led to a rapid proliferation of mechanisms for creating financial value for nature. This paper argues that the creation of financial value for nature requires work to disentangle and frame the relation between people and nature so as to render this relation calculable, and that this work acts to alienate people from nature. To pursue and progress this argument, the paper analyses the work of the United Nations Framework Convention on Climate Change (UNFCCC) to establish a mechanism to create financial value for tropical forests based on their capacity to store carbon. The analysis finds that the UNFCCC’s work of disentanglement and framing, so as to render calculable the relation between people and forests, has created conditions that threaten to materially degrade the ecological value of tropical forest biodiversity and the cultural/spiritual value of forests to indigenous peoples. The findings support this paper’s argument that the alienation of people from nature is not simply a consequence of financial valuation, but rather is a necessary prerequisite for creating financial value for nature.     

The Case Against Asset Revaluations

The upward revaluation of non-current assets is a common feature of contemporary accounting in Australia. This paper presents a case against the practice. The effects of revaluations are examined and possible reasons why firms revalue are considered. It is argued that asset revaluation is theoretically unsound, being inconsistent with the accounting structure within which it occurs. It is concluded that there are significant costs but few obvious benefits associated with revaluation.